Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Louis Welch is general manager of united salons. During 2014, Welch worked for the company all year at a $10,200 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary.Welch's federal income tax withheld during 2014 was $850 per month, plus $924 on his bonus check. State income tax withheld came to $70 per month, plus $40 on the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contributions of 1% of total earnings and life insurance of $5 per month. United incurred payroll tax expense pm Welch for FICA tax. The company also paid state unemployment tax and federal unemployment tax. In addition, United provides Welch with health insurance at a cost of $150 per month. During 2014, United paid $4,000 into Welch's retirement fund.
Requirements:
1. Compute Welch's gross pay, payroll deductions, and net pay for the full year 2014. Round all amounts to the nearest dollar.
2. Compute United's total 2014 payroll expense for Welch.
3. Make the journal entry to record United's expense for Welch's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deduction and Cash for net pay. An explanation is not required.
Determine the interest rate for a billing period with 30 days for a loan that charges an annual percentage rate of 11.5%.
Prepare the consolidated adjustments for Ocean Blue Ltd and its controlled entity on 30 June 2018, and offset deferred tax liabilities as at 30 June 2018.
Jerry Tim is examining an important internal control in the audit of Langly Company. In past audits, deviations from this control have been observed.
The net amount required to retire a bond before maturity (assuming no call premium and constant interest rates) is the:
AWC has a current dividend of .90 and current EPS of 1.25. Return on equity (ROE) is 8.60%. The required return is 13.4%.
Required: Prepare general journal entries to record these transactions, using a perpetual inventory system
Phil, a corporate controller, was preparing a comprehensive presentation of his firm's financial statements for the board of directors. Define decision rules.
What is pro forma reporting according to regulation SX of the SEC? How has pro forma reporting been used by corporations over the years? Summarize the arguments for and against this type of reporting.
atlanta company is preparing its manufacturing overhead budget for 2014. relevant data consist of the following.units
ACCT603 ACCOUNTING FOR CORPORATE STRUCTURE ASSIGNMENT. Calculate the annual depreciation charge for each of the six years of the truck's life
Prepare the appropriate journal entry for Pocus to record the income tax provision for the current year. Show well-labeled computations to support the three amounts in your journal entry.
what are some ways for a business to use the income statement as a management tool to improve the performance of the
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd